USU-Intro To MacroEcon - Assignment 1

USU-Intro To MacroEcon - Assignment 1 - You are here Hom e...

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You are here: Home Economics Introduction to Microeconomics Assignment 1 Assignment 1 D Question 1 (1 point) Opportunity cost is best defined as 1. the money spent once a choice is made. 2. the sum of all alternatives given up when a choice is made. 3. the cost of a good, less profits. 4. the highest valued alternative given up when a choice is made. 5. the cost of capital resources used in the production of additional capital. Question 2 (1 point) The production possibilities curve illustrates 1. the opportunity cost of alternative choices. 2. tradeoffs facing a society. 3. that more of one product can be produced if only a little more of the other product is produced. 4. the maximum output that can be produced with a limited amount of resources. 5. All of these Question 3 (1 point) If a nation is operating at a point lying inside its production possibilities curve, that is a sign of which of the following conditions? 1. The nation is not fully or efficiently utilizing its resources. 2. The nation has likely just discovered a technological advance in one of its key
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industries. 3. The nation is clearly utilizing its resources efficiently. 4. The nation is producing the maximum output that can be produced with a limited quantity and quality of resources. 5. The nation is producing the maximum output that can be produced with its unlimited quantity of resources. Question 4 (1 point) An economy that produces only bread and petroleum jelly, operating on a bowed-out PPC, now discovers a new source of oil. Assume oil is an input only in the production of petroleum jelly. Which of the graphs in the figure above depicts the resulting shift of the PPC? 1. Figure A 2. Figure B 3. Figure C 4. Figures B and C are both possible 5. None of these Question 5 (1 point) Economic growth can be illustrated 1. by an inward shift of the production possibilities curve.
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